Executor - Letter to Financials

idlebloke

Apologies if this info is on here somewhere. I have had a search and cannot find what I am looking for.

I am one of the executors to my late fathers estate. I need to write to all the financials (banks etc.) and get funds released etc.

Rather than write many unique letters, I was hoping to use a template and modify accordingly. I would also like to keep correspondence tennis to the minimum. I am thinking that I should send a copy of his death cert. (to prove executor) and a copy of his death certificate. Then as k what they need from me to release any funds?

Is there an efficient template anywhere that somebody could point me to?

Thanks in advance

Masomnia

I'm pretty sure you'll need the probate documents to get the funds released.

Arthurian

Firstly you have to get probate. Then the financials want to see proof that you have probate, and also possibly death certificate. Most want to see either original certificates or certified copies. Can't help with a template, I'm afraid. Just make sure you keep copies of all correspondence and note all phone calls, with dates and expected date of response. In my experience, "they" will lose correspondence, give you several different stories, leave you waiting for months, etc.
http://www.direct.gov.uk/en/Governmentcitizensandrights/Death/WhatToDoAfterADeath/DG_10029808

idlebloke

Thanks for the replies

Spoke to probate office this am. Their take is that any single sum or asset in sole name will not need probate if < £5k. In fact on clarifying the point, if no single asset above £5k, then no need to apply for probate at all. That said, this will of course be down to the individual institution themselves and we all know what they are like!!

magpiecottage

Most providers will want original certificates (death and possibly birth or a passort) or copies certified by a solicitor or independent financial adviser.

Note that if a policy is written in trust then probate is unlikely to be needed irrespective of the amount involved but the surviving trustees, rather than the executor, should deal with it.

mike88

I am going through the same process at the moment and my job is nearly done. Your first step is to notify the bank(s) that your father has passed away with a copy of the death certificate. They will then write and tell you what they need which is basically a certified copy of the Probate (Grant of Representation) certificate and your instructions for release of the funds namely to whom the cheque should be payable. You can ask the Probate Office for extra copies at the time of application at £1 a time so order a few extras.

Don't forget to request tax information from each bank in the form of Net Interest, Tax Taken Off and Net Interest as you may have to complete Forms R27 and R40 for HMRC. This can be done after you have received Probate. (This is in addition to the IHT 2005 (Return of Estate Information) which should be attached to the Probate application.)

Initially a simple letter is required making the following points:

List Account Numbers on Heading

I am writing to inform you that the holder of the above accounts passed away on............and a copy of the death certificate is attached.

I am dealing with my father's estate and am seeking Probate.

Can you please inform me of your Bank's requirements in relation to the retrieval of Funds held.


................................................................................................................................................................................

Another point. If any of the accounts are ISAs or are subject to R85 (Tax free) certificates the tax free element ceases on date of death so the accounts will be liable for tax between the date of death and the date when the funds have been retrieved.

I hope you have not got funds invested with Santander. They are a nightmare to deal with whereas the other 5 banks were straightforward.

idlebloke

Thank you all again.

All good stuff.

I'll be !!!!!!ed if I'm gonna pay solicitors fees so that they can get an office junior to do all this and charge me at the full rate!!!

Oh. A new one cropped up just now re. Mum and Dads joint bank account. In this instance I assume the scenario is slightly different in so far as same docs (cert. death cert.), but notify and request removal of Dads name?

CLAPTON

idlebloke wrote: »

Thank you all again.

All good stuff.

I'll be !!!!!!ed if I'm gonna pay solicitors fees so that they can get an office junior to do all this and charge me at the full rate!!!

Oh. A new one cropped up just now re. Mum and Dads joint bank account. In this instance I assume the scenario is slightly different in so far as same docs (cert. death cert.), but notify and request removal of Dads name?

for joint accounts there is nothing really to do as your mother can continue to use the a/c as it's now hers and is outside probate
it makes sense however to tell the bank and make the account into her sole name

Mikeyorks

mike88 wrote: »

If any of the accounts are ... subject to R85 (Tax free) certificates the tax free element ceases on date of death so the accounts will be liable for tax between the date of death and the date when the funds have been retrieved.

It may be the way you've written it. But where an R85 is in place .... that's correct that it ceases at the date of death. But any interest paid after the date of death is subject to 20% tax at source. Irrespective of the fact some or all of it may have accrued prior the date of death and when the R85 was in force.

Hairy_Dan

Hi
I am going through the same thing at the moment, when I registered the death the registrar gave me a pack with a leaflet in for www.bereavementadvice.org

If you read through the site there are some word templates here

http://www.bereavementadvice.org/probate-and-other-legal-procedures/probate-and-other-legal-procedures/how-to-deal-with-probate/diy.php

to write to various institutions informing them of the death and asking for figures